• NZD/USD fades the previous day’s bounce off two-week low.
• 200-SMA defends buyers amid receding bearish signals of MACD.
• Monthly horizontal hurdle challenges recovery moves, 0.6420-15 appears extra support to watch.

NZD/USD takes offers to renew intraday low around 0.6480, failing to extend the previous day’s rebound from a fortnight’s low, as a weekly resistance challenges the bulls.

Given the quote’s pullback from short-term resistance, its further declines towards the 200-SMA near 0.6445 can’t be ruled out.

However, a horizontal area comprising multiple lows marked since May 19, near 0.6420-15, could challenge the NZD/USD bears afterward.

In a case where the Kiwi pair drops below 0.6415, the 0.6400 threshold and early May’s peak near 0.6380 may lure the sellers.

On the contrary, a clear upside break of the immediate resistance line, close to 0.6495 by the press time, needs validation from the 0.6500 threshold to recall buyers.

Even so, a one-month-old horizontal hurdle surrounding 0.6570 appears a tough nut to crack for the bulls.

NZD/USD: Four-hour chart

Trend: Further weakness expected